Energy Stocks Jump on OPEC Output Extension and Saudi Price Hike
Bloomberg
Published Jun 08, 2020 21:28
Updated Jun 08, 2020 23:54
(Bloomberg) -- Energy stocks rose in premarket trading after OPEC and its allies agreed to extend historic output curbs by an extra month.
Additionally, Saudi Arabia pressed on by increasing some crude prices by the most in at least two decades.
Early gainers included Noble Corp (NYSE:NE)., which rose over 150%. Extraction Oil & Gas Inc. gained 90%, while Whiting Petroleum (NYSE:WLL) Corp. added over 60%.
Oil’s rally cooled after nearing $43 a barrel in London. “The extension was expected and anticlimactic,” Piper Sandler (NYSE:PIPR) analyst Bill Herbert told clients in a note.
“The complexity factor associated with oil continues to be exceedingly elevated,” he added.
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